Forex Marketz Daily Forex News – Fully Markets Update
The USD/JPY has moved higher with a daily close above the technical resistance level of 102.20. This came after a candlestick hammer formation formed and now opens the door for the dollar to continue strengthening. Look for the USD/JPY to retest the key level at 103.00.
The four hour chart, below, shows us a clearer picture of the bullish reversal. We see an even stronger hammer near 102.01/102.02. If we clear 102.35/40 the doors will really open up. Alternatively, a failure here brings out the sellers for 120.20 and then 119.50.
